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Every article from your latest print edition of CA Magazine

September 2009

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Bonuses for the chop?

Public figures of every political persuasion are lining up to condemn bankers’ pay levels. Robert Outram argues that this is an easy target, but it is not necessarily the right one

Are you experienced?

The Walker Review presents opportunities to fill boards with more industry heavyweights, but are there enough in the market who fit the bill, and will they commit more time?

A taxing problem

Douglas Nisbet wonders where HMRC’s consultation on raising standards in tax returns is going to lead if it fails to distinguish between CAs and unregulated tax agents

Tweedie says US must commit to IFRS by 2011

Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), has said other countries are running out of patience waiting for the US to decide whether to approve a roadmap for moving to IFRS

'Tipping point' reached on pensions

A KPMG report says almost a quarter of the FTSE 100 companies face no prospect of clearing pension deficits from their discretionary cash?ow over any reasonable time period

FSA introduces remuneration code of practice

The Financial Services Authority (FSA) has introduced a new code requiring large banks, building societies and broker dealers in the UK to establish, implement and maintain remuneration policies consistent with effective risk management

UK companies at risk of corruption penalties

Two thirds of companies believe that there are countries in the world where it is not possible to do business without being involved in bribery and corruption, and yet only a third (35 per cent) say they have stopped doing business in any countries due to the bribery and corruption risk, according to KPMG Forensic

Graduates angry over lack of funding

Research released by PricewaterhouseCoopers shows 43 per cent of 18-34 year olds believe not enough is being done by government, schools, universities and employers to help new graduates get their first jobs

Half of UK's firms looking to cut staff

Half of the UK’s companies are looking to cut their workforce in the next six months, according to the latest survey by the British Chambers of Commerce (BCC)

Scottish football feels pain of the credit crunch

The credit crunch is continuing to have a serious impact on the finances of Scotland’s football clubs, according to research by PKF

Treasury Committee says FSA ‘failed spectacularly’

In its final report on the banking crisis, the Treasury Committee says the Financial Services Authority (FSA) “failed spectacularly” in its supervision of the banking system

GE to pay $50m for accounting fraud

General Electric is to pay a $50m (£29.5m) civil penalty after charges from the US regulator which said it had ‘bent the accounting rules beyond the breaking point’

Scrappage scheme at halfway mark

Almost 155,000 new cars have been ordered through the Government's scrappage scheme since it was launched in May, according to official figures. That means that more than half of the money set aside to fund the scheme has already been spent

Businesses finding it easier to get new loans

Businesses are finding it easier to obtain new credit for the first time this year, and expect the situation to improve at a similar rate over the coming three months, according to the CBI

Lucy strikes comedy gold

The business world in general is in dire need of a few laughs these days, insolvency practitioners more so

Book review

In for a Penny by Peter Hargreaves (Harriman House, £9.99)

An excellent expedition

An intrepid tax specialist from Ernst & Young’s Edinburgh office is embarking on a 10-day trek to Machu Picchu in the Peruvian Andes to raise more than £5,500 for Marie Curie Cancer Care

Business travel

Asking for a short stand

Letters: Where is the will to tackle EU gravy train?

Our Institute is renowned for its integrity

FDs who's who: An uphill struggle

The challenges of surviving and progressing through the recession are revealed in our survey of finance directors

FDs who's who: The FTSE 350

The CAs who hold the top financial positions of UK plc, with a range of companies that reflects the wide spread of skills in the ICAS membership

FDs who's who: The top Scots

The list of Scotland’s top companies has seen a radical makeover during the past year with the inevitable fallout from the financial crisis. HBOS is now owned by Lloyds Banking Group and RBS is now 70 per cent owned by the UK Government, after posting a loss of £24.1bn, the biggest in UK corporate history

Interview: Becky Woodhouse

Just two years after qualifying as a CA, Becky Woodhouse set up her own spa business, filling a gap in the local market. Judging by a growing empire, the leap has paid off

Players at the Borderline

After spotting a niche in the local area, an accountancy firm in the Borders has established a strong reputation. Richard Goslan speaks to CA Andy Purves about the growing success of his company and the links he has formed with Scottish Enterprise and Business Gateway

Dam busters

How successful has the Government’s loan scheme for small businesses been?

The full screen

CAs are embracing the wonderful world of Web 2.0 and the electronic offerings that ICAS and CA Magazine have put on the map, new research has discovered

Open windows

Lax pension scheme revisions have led to liabilities and a spate of court cases

The sum of all fears

Many parents make financial sacrifices to pay for their children’s private school education – but tremors from the economy and the regulator could put them under even greater pressure

The savings trail

Trimming the fat from companies has never been more important, but without common electronic tracking of these cost savings, organisations could be storing up problems for the future

New system, new software

HMRC’s introduction of updated electronic filing for accounts is a potential minefield for companies

Direct debit options for tax payments

HMRC has set up a scheme for taxpayers to make regular payments by direct debit

Strategies to manage income tax changes

The new top rate of income tax announced in the 2009 Budget and the introduction of restrictions on tax relief for pension contributions for high earners have become major talking points in UK boardrooms

Final opportunity to settle tax liabilities on offshore accounts

Following HMRC’s introduction of the Offshore Disclosure Facility (ODF) in 2007, HMRC have launched a further disclosure initiative – the New Disclosure Opportunity (NDO) – to provide individuals with unpaid taxes linked to offshore accounts or assets a ?nal opportunity to settle their tax liabilities at a favourable penalty rate

HMRC begins consultation on building industry legislation

HMRC has commenced a consultation process on proposed legislation that could see businesses having to operate PAYE and National Insurance contributions on payments made to self-employed workers in the construction industry

Tighter rules expected on capital allowance-based tax avoidance schemes

There was further evidence of HMRC’s crackdown on tax avoidance following the issue by HMRC of a Technical Note Capital Allowances: anti-avoidance on 21 July

Taxman endowed with new powers

Measures which allow the taxman to deduct up to £2,000 a year from taxpayers’ salaries could cause serious financial hardship

Three tiers for new regime

Feedback on proposals is being sought in a consultation by the ASB on new standards for UK and Irish entities that converge UK GAAP with IFRS

Extinguishing liabilities with a new draft

The International Financial Reporting Interpretations Committee (IFRIC) has published for public comment a draft Interpretation, IFRIC D25 Extinguishing Financial Liabilities with Equity Instruments

Quality of accounting is 'fundamentally sound'

The Professional Oversight Board, a part of the Financial Reporting Council, has published its Report to the Secretary of State for Business, Innovation and Skills for the year to 31 March 2009

FRC chief executive Boyle backs transparency over stability

Paul Boyle, chief executive of the Financial Reporting Council, argued in a speech to the FRC Annual Open Meeting against proposals to use accounting as a public policy tool to reduce procyclicality and challenged the proposition that accounting measures that show volatility should be adjusted to create an impression of stability

The right choice of pensions

Informed member choices at retirement and greater employer engagement are the focus of a new Pensions Regulator statement issued recently about higher standards for defined contribution (DC) pension schemes

APB consults on small entity documentation

The Auditing Practices Board (APB) has issued for consultation an exposure draft of Practice Note 26 (Revised) Guidance on smaller entity audit documentation. Comments are requested by 30 September

Pension regulator aims to do more with less

The Secretary of State for Work and Pensions recently laid The Pensions Regulator’s (TPR) audited annual report and accounts for 2008-09 in Parliament

Charity auditor's reports

The Auditing Practices Board (APB) has issued Bulletin 2009/3, which provides examples of auditor’s reports for charities with accounting periods beginning on or after 6 April 2008

Balancing act

How effective is good governance in reducing volatility? ICAS is about to publish research carried out by Dr Azizah Abdullah and Professor Mike Page which explores the links between governance and performance during turbulent conditions

It's legitim Jim, but not as we know it

Earlier this year, the Scottish Law Commission published its proposals to reform the Scots Law of Succession. Douglas Sinclair looks at what areas could be the focus for change

Keeping company

Charlotte Barbour takes a closer look at the current governance consultations to investigate how they will affect companies

See the bigger picture

An ICAS survey on the role of the statutory audit yields some interesting results

Route changes for charities

Christine Scott looks at the likely impact of proposed changes to accounting regulations on Scottish charities – and those further a?eld

ASB adopts ICAS recommendation on reporting

ICAS has welcomed the “three-tier” approach to financial reporting adopted by the UK’s Accounting Standards Board (ASB) for UK and Irish businesses. The Institute had strongly supported this model during the ASB’s consultation

HMRC 'should focus on bad tax agents'

HM Revenue & Customs should concentrate its limited resources on tax agents that make illegitimate claims and have an irresponsible attitude to the client work that they undertake

Tax evasion is costing the earth, says charity

Transfer mispricing and false invoicing cost developing countries $160bn (£97.4bn) every year in lost tax revenues

Want a moment of clarity to make a difference in Africa?

Neil Jennings reports on an initiative that’s tackling development problems by importing accountancy skills